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4. HOW IS YOUR ASSESSMENT DETERMINED?
To arrive at "full and fair cash value" for your property, the assessors must know what "willing sellers" and "willing buyers" are doing in the marketplace. The Assessors also must collect, record and analyze a great deal of information about property and market characteristics in order to estimate the fair market value, including keeping current on cost of construction in the area and any changes in zoning, financing and economic conditions which may affect property values. The Assessor uses three standardized appraisal approaches to value: market, cost and income. This data is then correlated into a final value.
The object of the valuation program is to estimate: reasonable cash value" as of January I (known as the "assessment date") prior to the fiscal year. For example, the assessment date for Fiscal Year 2004 is January 1, 2003.
Assessors first inspect each property to record specific features of the land and building(s) that contribute to its value. Size, type, and quality of construction, number of rooms, baths, fireplaces, type of heating system – all are examples of the data listed on individual property record cards before the valuation process can begin. Assessor may not have to go inside each property before every revaluation if records are kept up to date and building permits are checked and recorded for changes on individual properties.
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